Otovo (Buy, TP: NOK21.00) - A step in the right direction
With stronger than expected activity and margins in Q1, we believe Otovo is moving in the right direction, and forecast narrower EBITDA losses in 2023–2024 after having raised our EBITDA estimates by 17–6%. We reiterate our BUY and NOK21 target price. We still apply a 35% discount to our SOTP of NOK32/share and believe the stock should continue to trade as such until the situation in Italy normalises and we see a firmer pathway towards portfolio monetisation.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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